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The Real Deal NYC

Epstein Becker & Green inks 80K sf lease on Third Ave. 

Health care-and-employment law firm Epstein Becker & Green is relocating its offices from the Grand Central area to 80,000 square feet on Third Avenue. The “super-boutique” law shop signed a lease for three full floors at Global Holdings Management Group’s 875 Third Avenue, representatives for the building told The Real Deal. EBG, as the company is known, will be relocating from AEW Capital Management’s 250 Park Avenue, which it has called home for more than 30 […]

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Madison invests $90M in 111 West 57th

Josh Zegen’s Madison Realty Capital agreed to invest $90 million in the troubled condo project 111 West 57th Street. The deal allows developers Michael Stern and Kevin Maloney to retain stakes in the project, Crain’s reported. Madison’s investment is set to plug a funding hole that sent the tower into foreclosure in August. Spruce Capital Partners, the most junior mezzanine lender, took control of the building through the foreclosure, but behind the scenes talks continued […]

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A look at the luxury market’s biggest builders

Having expertise in a highly specialized field — whether it’s building ultra-luxury skyscrapers or renovating prewar townhomes — gives a general contractor an edge when initially bidding on a development. It also proves beneficial when trouble arises mid-project. Last year, Harry Macklowe swapped Gilbane for JT Magen Building Company on his office-to-residential conversion of One Wall Street. The challenge was that the project required an extensive reconfiguration of the building’s layout and a deep understanding […]

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Lower Manhattan office concessions rose 42% in 2017

Residential Rentals | RentHop Apartments near subways stops are getting cheaper. Between February and April, around half of the areas near Manhattan subway stations saw declining rental rates. This includes 34th Street-Herald Square (8.2 percent year-on-year drop to $3,350) and Chambers Street (10.2 percent drop to $3,550). The trend also covered Brooklyn, with many stops in Greenpoint, Williamsburg, Bushwick and Bedford-Stuyvesant posting year-on-year declines. Read the report here. Sales | Olshan There were 21 contracts […]

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Tavros seeking partner for Meatpacking redevelopment project

Tavros Capital Partners is looking to bring in an equity partner at its Meatpacking District mixed-use redevelopment, sources told The Real Deal. The developer recently hired Hodges Ward Elliott to market the property for a recapitalization, which sources said would likely see a partner take a majority stake. The deal would value the property at 44 Ninth Avenue at about $125 million, according to sources. Tavros is planning to reposition the three four-story retail-and-residential walk-ups […]

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Opendoor’s trade-up program opens up to all developers

Opendoor is expanding its home trade-up program, extending it to all developers. The house-flipping company expanded the program to all markets last summer and added homebuilders including Taylor Morrison and Meritage Homes, Inman reported Wednesday. Now the company is letting any builder in any Opendoor market participate. Opendoor formed a partnership with Lennar earlier this year for the program. In the process, the customer finds a home from a builder that they want to move […]

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Westchester & Fairfield Cheat Sheet: Building owners hit RXR Realty with $2M lawsuit in Yonkers … & more

 Gateway Loft hits Larkin Plaza developer RXR Realty with $2M lawsuit over alleged construction damage The developer of a $200 million project in downtown Yonkers is facing a lawsuit, which claims that construction has damaged neighboring buildings. Gateway Loft Associates and Alma Realty Corp. filed the $2 million suit against RXR Realty claiming construction activities at RXR’s Larkin Plaza development have “caused substantial physical damage” to their buildings, which are adjacent to the project, the Westchester […]

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The Real Deal’s first-ever golf outing in Broward County is almost here!

The Real Deal is pleased to announce we will be teeing off on our first golf outing at Grande Oaks Golf Club in Davie, Fla. — home to the filming of the cult classic “Caddyshack” — on Monday, June 4. To purchase tickets or foursomes, please visit our site  The outing will benefit the Orphaned Starfish Foundation, an advocacy group dedicated to working with orphans, victims of abuse and at-risk youth through computer technology. Please look […]

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One Wall Street’s latest target: Target

UPDATED, 2:33 p.m., May 23: Big box retailer Target is in advanced discussions with Macklowe Properties to open a location at One Wall Street, The Real Deal has learned. Target is looking to take about 35,000 square feet at the base of the building, sources said. The company recently signed on to a 22,500-square-foot store at Essex Crossing, which will be its first location on the Lower East Side. One source said that Target has […]

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These are the top leasing brokerages in the country’s four major markets

Property owners seem to be willing to get a bit unconventional these days to keep rent payments rolling in amid the ongoing waves of store closures. Indoor amusement parks, doctors’ offices, movie theaters, gyms and even discount stores  — once considered undesirably downmarket — are plugging holes in vacancy-riddled shopping centers and storefronts as rents decline, leases shorten and concessions spike, brokers and owners say. The Real Deal’s ranking of the top leasing deals and […]

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